"I reckon min will keep the offer open until they get at least 75% - so they can pass special resolutions. This is a big hurdle for them."
Alexii they may keep the offer open to get to 75% but even at 72% they will have more than 75% of the votes cast on any resolution.
I don't think the 75% is a big hurdle to them - they are close enough.
Technically, at 75% it is a fait accompli and and a vote at a meeting is moot.
The 75% is of the votes cast at a meeting for a special resolution - not of the total number of votes that can be cast.
For a normal resolution you only need 50% of the votes cast.
However, in practical terms many shareholders will not vote or even send in a proxy, and some shareholders will vote/proxy with the BOD regardless of what the resolution is.
I have not been to an NWE meeting for a long time, but I doubt they have more than 10 shareholders attend.
For many smaller companies we had to phone around the day before and find some shareholders that would turn up, just so we had the minimum number of shareholders for the AGM.
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